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to the northeast. a few sprinkles are possible for all of us during the morning hours, bulk of the rain will come in later. coast rain north bay better part of today upper 50s to mid 60s more clouds than yesterday, low to upper 60s rain in the for the bay, inland areas will be dry with mid to upper 60s. here's sue. >>> first reports of accident good news in the reverse commute direction eastbound highway 4 port chicago blocking a lane, westbound sounds like there's a duplicate accident westbound that one on the shoulder. expect delays out of antioch, 20 minute ride from hillcrest towards 242. good news in oakland southbound 880 at high, injury accident cleared out of lanes traffic should be getting by without delay. >>> we continue to follow breaking news out of redwood city where a water main break is flooding streets and two hopes near brewster avenue and warren, in the downtown area near the san mateo county government center. hopefully, that will be cleaned up as workers begin to show up in a few hours. crews are using pumps to remove water from the base s of two hopes. police are diverting t
liquidity concerns in the market martin schultz is with us. thanks for joining us. is this a sign of things to come, a big standoff with japan? >> well, it's rather surprising that a hopeful government coming in is picking a fight with the bank of japan when they're starting off. what is happening here is that it seems that the ldp doesn't really have a growth strategy right now and the frustration in industry with the strong yen and slowdown in export is tremendous about that. >> big problems if we have unfettered money printing. would there be as he also says 30 years of deflation? >> well, one of the lessons we have here is that many different monetary policies didn't work so far. we still have an economy that is in restructuring mode with many corporations. so sony, sharp, still trying to get back on their feet. on the other hand, we also have an economy that is slinging simply by aging and what would be needed would be strong growth policies and this is what the bank of japan will be pushing when he's in office. on the other hand, deflation is there, printing more yen might be helping
, they were stunned. we will go to a hotel for a few days until they find us an alternative home she says. their 9-year-old daughter said she was frightened when she heard the initial siren and then the large explosion. an israeli member of parliament who came to the house minced no words in what he thought israel had to do. >> they are ready to go further. >> there's a major debate in israel on whether that's wise. a former commander and mayor of beer sheva says iz ray leer air power can get it done alone. while we were in the city 11 hamas rockets entered the city. some interintercepted by the iron dome system. others got through and caused casualties. we were allow today go inside the emergency medical command center. sirens alert them and they brace for the onslaught of calls. we're inside an israeli ambulance. we've just left the command center heading towards an area where rockets just landed and currently there are injured and maybe even worse. we'll see what's going on. sharon howard is the liaison officer helping to coordinate medical care. >> many casualties, also medical units
of oakland are on strike today. christien kafton joins us live to explain why and how it is impacting business there. >> reporter: good afternoon. take a look. you can see that the workers are here at one of the entrances to the port. now, we understand that word is spreading among those workers right now that they can picket out here. they can demonstrate but they cannot block more vehicles from entering. meanwhile, we can tell you that other unions out here at the port are refusing to cross those picket lines. members marched in front of the entrances of the port today starting at about 5:30 this morning, blocking more than 100 trucks trying to deliver or pick up cargo containers. >> the idea of shutting down the port was to let them know we're serious. we want them back at the bargaining table. we don't feel like they've been taking us seriously. >> we understand right now, seven private marine terminals have elected to close for the day. there is an arbitration underway and the arbitration is an ongoing process. >> reporter: union organizers in the port have been negotiating a new
forces claiming to have targeted 100 gaza sites. the u.s. secretary of state hillary clinton is on her way to the middle east for talks with officials in a bid to try to end the deadly crisis. we've been watching oil prices, as well. and after sharp gains yesterday, you can see oil prices pulling back about 27 cents, still just about $89 for wti crude. we will have a live report from our nbc colleagues on the ground in the middle east coming up in the next half hour. >>> let's talk about some of the main market events of the morning. actually today fed chairman ben bernanke's speech at the economics sclub of new york is coming up at 12:15 eastern time. traders will be listening no any comments on the central bank's operation twist program and discussions about changing how the fed communicates about interest rates. operation twist expires next month. and there is some speculation the fed will continue making asset purchases by expanding the size of its $40 billion a month quantitate of it easing program. also on the economic agenda today, october housing starts released at 8:30 a.m. an
if we get the huge grand bargain or not. they just don't want us going off the cliff. i think the fix is in definitely that we are not going to go over the cliff. >> all right. let's talk a bit more about that. brian, what's your take on this? >> you know, i have to agree. i think they work it out. i go back to a statement that boone pickens had on your show last week. it's really apropos. let the monkey do his thing. if you just wait, you'll get a better show. i think that's what's going to wind up happening with the market. right now we see a great opportunity going forward. >> rick santelli, what did you see today? this market finishing well off the lows. in fact, as we're settling out, it looks like we're finishing out just down seven points. had been 94. >> i agree with you. to me it makes perfect sense. i don't think there's any new information in what ben bernanke said. if you say things that imply a weak economy, the market will sell off every time you say it. the market did come back. i question both the guests' opinions. i think the fiscal cliff is important because a lot of
important instrument for us, and we'll be using that at some point, at the appropriate time, to begin to tighten monetary policy. now, you're talking about the other direction, why not just cut it to zero, pay no interest on excess reserves, and thereby, get more accommodation? well, it's something we've considered repeatedly, and we continue to consider, and i don't rule it out as an action in the futtre, what we do is the following. if we were to cut the interest rate from 25 basis points to 0 #, our estimate is it affects short term interest rates, like overnight rates, on the order of eight or nine basis points, extremely small amount, in turn, having a smaller effect on loans like housing loans or auto loans ect.. the stimulated agent -- act of that action is small, but on the other hand, the concerns we've had or some have had is that if there is no return on institutions, money market funds, repo markets and so on could be liquid because there's little incentive to act in the markets when interests pay zero, why not just hold cash or fallow reserves? so the concern is that, per
went wrong. stay with us. gerri: we talk a lot about freedom on this network. the freedom to start your own business, to invest, but with freedom comes responsibility. there's a lot of people just blow it. i'm highly critical of the way government operates and we spent a lot of time criticizing the feds and state and local governments. some folks in the ceo suite on making some of the same mistakes. you have every reason to complain. case in point today, former ceo of hewlett-packard. no one of my colleagues at fox business nominated him as the worst ceo of all-time. in his rush to write the ailing company, they restructure the legendary pc business and bought a british software company called autonomy. oracle decided to take a pass. hp should have done the same because today it had to take $9 billion accounting charge after finding out they have serious accounting i improprie improprieties. the write off wiped out the company's profits. at least the traders at jpmorgan lost $5 billion new or taking a gamble. which raises the question, isn't that what due diligence is for and why did tw
the purchase of a british company. we will have all of the details. good morning. thanks for being with us. i am marla tellez. >> i'm jon kelley. hp hitting investors with shock treatment claiming it was a victim of financial fraud. it says it was fooled into buying a british company last year which was a mistake for $11 billion. according to scott mcgrew, it was the not just a mistake, but a disaster. you have had a couple of hours to digest it. how ugly is it? >> it will be talked about in business schools for years. it will be hard to imagine that if these allegations are true, there will not be some sort of criminal charges. during a routine financial flying, hp said the company it bought last fall deliberately hid how much profit and someone cooked the books. it is an incredibly serious allegation. hp has launched an investigation of what it calls forensic accounting and notified the u.s. government. >> we believe there is a willful effort on the part of autonomy management to mislead shareholders and mislead potential buyers, including hp. we stand by the review that we have seen. as yo
very much. we appreciate it. both come back soon. that does it for us. make sure to join us tomorrow. >>> good morning. welcome to "squawk on the street." i'm melissa lee with carl quintanilla, jim cramer and david faber live from the new york stock exchange. let's get straight to our top story. a bombshell involving hewlett packard sending stocks down sharply. david broke the story. he has details. >> hewlett packard out with quarterly earnings this morning but the real story is part of that earnings release allegation the company was the victim of a massive fraud when i purchased a u.k. company, $11.1 billion deal that closed in october of last year. hp has taken 8.8 billion write-down on autonomy and 5 billion due to serious improprieties and misrepresentations and disclosure failures that occurred prior to its purchase by hewlett packard. in other words, it's fraud. after autonomy's founder and ceo michael lynch was fired by meg whitman, sources close to the company tell me a senior executive from autonomy came forward with evidence of widespread accounting misrepresentations tha
from us and we will be using that at some point, at the appropriate time to begin to tight monetary policy. now, you're talking about the other direction, why don't we just cut it to zero, pay no interest on excess reserves and there thereby, get a little more accommodation? it is something we have considered repeatedly, i don't rule it out as an action in the future. the cost benefit analysis we have done in looking at it, starting where we are at 25 basis points is the following. if we cut -- if we were to cut that it interest rate from 25 basis points to zero, our estimate is that it would affect very short-term interest rates, like overnight rates by something on the order of eight or nine basis points, extremely small amount. and that, in turn, would have even a smaller effect on the interest rate wes care about like the rates on auto loans or houses, et cetera. so the stimulative effect of that action, while going in the right direction, we assess as being very, very small. on the other side you can the concern we have, or at least some have had, is that if there is no return
, an israeli man wielding an ax and a knife attacked an israeli security guard outside the gates of the u.s. embassy in tel aviv. an embassy spokesman says that the situation has been contained. savannah. >> richard engle in gaza. thank you. >>> it's the latest shocking twist in the deadly explosion that nearly leveled an indian atlas neighborhood earlier this month. now authorities are saying it appears to be no accident. kevin tibbles is there. good morning to you. >> reporter: matt, it's been just over a week since the deadly explosion rocked this indianapolis neighborhood. two people dead, more than 80 homes either destroyed or damaged. well, now the authorities here are calling this a homicide investigation. it was a sad scene at a double funeral in indianapolis monday. >> yeah. very sad. it just seems like such a waste of wonderful people to die so young. >> reporter: hundreds came to pay their respects to john and jennifer longworth, the couple killed in a november so e explosion that destroyed five homes and damaged dozens. the couple lived next door to the house that investigators
an amateur. but first, france's downgrade, that reminded us of this famous movie scene. >> hey, hey! oh! >> count the money, count the money! [ male announcer ] this is steve. he loves risk. but whether he's climbing everest, scuba diving the great barrier reef with sharks, or jumping into the marke he goes with people he trusts, which is why he trades with a company that doesn't nickel and dime him with hidden fees. so he can worry about other things, like what the market is doing and being ready, no matter what happens, which isn't rocket science. it's just common sense, from td ameritrade. >> all right. we're looking for a very modest drop for the dow industrials at the opening bell today. remember, we were up over 2,000 points yesterday and down maybe, 15, 16 points, finishing ringing and we have housing start numbers coming in and we begin work on, i believe, under 900,000 new homes and best record in four years and that's going for us. other than that, what have we got. we've got a dow jones industrial average, opened slightly lower and i've got the big story and allegations of s
bell" will have much more on this deal. >> down 54% year to date. thank you so much for joining us today. >> i'm off tomorrow. you got here. happy thanksgiving, everybody. >> "closing bell" is next. >>> hi, everybody. we enter the final stretch. welcome to the "closing bell." i'm marcich -- maria bartiromo the new york stock exchange. a shocking loss at hewlett-packard, damaging the entire market. the story broken here on cnbc by david faber earlier. >> this has been a really newsy day for a holiday shortened week. i'm bill griffeth. let's show you the markets, how they've been trading here. it will be pretty evident when ben baernanke made that comment that the fed doesn't have the tools to deal with the economy should we go off the fiscal cliff. down it went. we were down 94 points on the dow on the low of the session. now off that low, down 39 at 12,756. nasdaq's lower. apple is also lower today after that monster 7% plus rally yesterday. it's down about a percent right now. the nasdaq down 8-plus points. the s&p is down 3 at 1383. >> not a lot of news from the bernanke lunch ex
and i get nervous when i see the vix really not react. the ten year is telling us we have some things to worry about. the stock market is kind of ambivalent. and the vix is telling us don't worry at all. so we have got three different things to worry about here. also we've got that 200 moving day average in the s&p, in the index, the spx and we're bumping right up against that. that could give us another clue where we'll be going the next three four weeks. finally we have the politicians given the opportunity to disappoint, they generally do. look at europe. i think that's something we need to wrap around a big red bow on and give ourselves for christmas. liz: i'd rather have a fancy car. what's your next target, scott, the next ceiling or floor? >> i think we could see another 2 to 3 percent off the market going into year end hopefully we get a deal from the administration and i think we unleash some capital in the market. liz: quick question about natural gas, what changed from yesterday, elliot? >> you know, we have talked about this too. natural gas is a very strange market. i mea
want clinton type of tax rate that we had back in the 1990s, okay, give us that clinton type of error. in return, we want spending levels proportion to the economy. repeal obamacare. republicans should go on offense instead of just letting the democrats define the terms of debate. dagen: do you think that all of the tax rate should go up? >> no. no. dagen: just for the wealthy, you are talking about. >> i do not want any tax increases. critics will say: oh, you are just kicking the can down the road. fine, that will help save the economy. that things will happen. connell: just in terms of perspective, the economy and numbers we report every day, you could make an argument that things are getting a little bit better. the housing data is turning around. some people say time heals wounds. >> all the more reason not to hurt the economy. there are numerous new regulations coming under obamacare. that will hurt. you have numerous regulations coming from dodd-frank. that will hurt. put them to the third degree. why in the world do you want to pile that on with new taxes? connell: do nothing
of the directors just resigned following allegations public money was used at a strip club. >> it's the last four or five years our people have been taking furlough days, asked to take other types of cuts at the same time as these people are just arrogantly out spending fraudulently the port's money that should be on our table. this should be feeding our children and keeping us in our houses. so absolutely you can imagine the frustration of the workers to see and hear that that's taking place at a time when saying they are broke and have no money. >> reporter: workers have also displayed an inflatable rat which is a symbol of labor protest. the union rep i spoke to says if they don't get this time, they will be back out here again and again until it happens. in oakland, elissa harrington, cbs 5. >>> in about an hour nurses also plan to go on strike at ten bay area hospitals. the walkout is planned for two days at eight sutter hospitals and for today only at two san jose hospitals run by hospital corporation of america. replacement nurses have been hired for five days. it will be the second nurses
friend here of etftrends.com telling us three etfs to shop for now before consumers fill up the carts. what drove the markets today? it was a mixed day on wall street as ben bernanke urged congress to deal and reach a debt deal. the s&p and -- listen, the whole market just plunged after the speech, but, still, after awhile, the markets managed to eke out gains. dow down a point, snaps a two session winning streak. consumer discretionary and health care today's top performers and technology and energy lagged. we have lots of action in the metals today. gold giving back a little more than a half of yesterday's gains closing down $11 an ounce. other metals lower, the biggest loser today, goes into catalytic converters to convert, down 1.1%. silver down eight-tenths of a percent. here's a good sign here. new home construction soaring to the highest level in more than four years last month. jumping 3.6% to a seasonally adjusted annual rate of 894,000. october's jump pushed starts up more than 40% compared to one year ago. david: it's all covered for today's action, larry, at the cme in chi
is also a former u.s. navy helicopter pilot, he trained extensively with the israeli navy while operating in the mediterranean. welcome back to the show. let's get right to it. your expert opinion, do you think a war is imminent here? >> thank you for having me. i don't think war is imminent. what we have is what i would describe as a medium or high intensity tactical conflict. until the israelis cross the border with ground forces into gaza, we have not sucked up into full war. the other thing to keep in mind, this low intensity conflict between israel and hamas has been going on for the better part of six years. there's only been in the past week or two it has exploded into this level of violence. melissa: why do you think it is exploding now? exploded now? it's a changing neighborhood? neighbors have become even more hostile toward israel, egypt with the muslim brotherhood and their ties or potential ties to hamas. seems like turkey, their words have been so inflammatory, it seems all of a sudden they find themselves more alone than ever. do you agree with that? speak unfortunately the
Search Results 0 to 18 of about 19